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Millennials and the Future of Work: Survey Results

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Millennials and the Future of Work: Survey Results

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Workers want freedom, and this desire is driving them towards independent (and often entrepreneurial) career paths. Following a prior study on disruption of work from the perspective of businesses, this survey examines the future of work as envisioned by professionals. Results found that many are planning their escape from corporate jobs — 72% of freelancers still at “regular” jobs want to quit entirely, and 61% say they are likely to quit within two years.

Millennials in particular are pursuing independent careers that foster faster progression than traditional hierarchical organizations. Of almost 2,000 Millennial respondents, 58% classified themselves as entrepreneurs. These responses (from more than 3,000 freelancers worldwide who have worked online) quantify the mindset of freelancers today, providing a glimpse into the professional landscape of tomorrow.

Workers want freedom, and this desire is driving them towards independent (and often entrepreneurial) career paths. Following a prior study on disruption of work from the perspective of businesses, this survey examines the future of work as envisioned by professionals. Results found that many are planning their escape from corporate jobs — 72% of freelancers still at “regular” jobs want to quit entirely, and 61% say they are likely to quit within two years.

Millennials in particular are pursuing independent careers that foster faster progression than traditional hierarchical organizations. Of almost 2,000 Millennial respondents, 58% classified themselves as entrepreneurs. These responses (from more than 3,000 freelancers worldwide who have worked online) quantify the mindset of freelancers today, providing a glimpse into the professional landscape of tomorrow.

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Millennials and the Future of Work: Survey Results

  1. 1. AND THE MILLENNIALS FUTURE OF WORK A survey commissioned by Millennial Branding and oDesk Objective: Examine trends in the future of work, focusing on Millennials Fielded: February 2013, online, by Genesis Research Associates Audience: Independent workers worldwide who had been active on oDesk within 180 days Sample size: 3,193 globally, incl. 1,958 Millennials (at 95% probability: +/- 1.9 sampling error)
  2. 2. A New Independent, Entrepreneurial Mindset Has Arrived
  3. 3. Being an entrepreneur today means having a certain mindset, not just starting a company What does being an entrepreneur mean to Millennials? “A creative person with a successful drive to create something new in the business world.” “A person committed to pursuing innovation within a business, industry, or social sphere.” “A person who does not follow the typical business patterns and makes his/her own way.” Mindset 90% Person who starts a company 10% What is an Entrepreneur? Q.34 Which of these statements is a better description of an entrepreneur? A person who starts a company or a person with a mindset to see opportunities, take risks, and make things happen 3
  4. 4. Though entrepreneurship is challenging, Millennials are especially positive & benefits prevail Entirely a good thing 53% There are downsides 47% Is Being an Entrepreneur… Q.32 Do you think that being an entrepreneur is entirely a good thing, or are there downsides? 57% é 47% Millennials All others How Many Say Being an Entrepreneur Is “Entirely Good”? Yes 75% No 25% Do Benefits Outweigh Downsides? Q.32 Do the benefits of being an entrepreneur outweigh the downsides, or not? 4
  5. 5. More than 1 in 3 say join a startup over finishing school Join a start-up 38% Complete degree 62% What Would You Recommend? Q.27 If a friend had a choice of either completing their college degree at a respected university or joining a promising start-up company, which would you recommend they should do? 5
  6. 6. The Age of Entrepreneurial Independents*: Cra ing Paths to Freedom *58% of Millennials classified themselves as “entrepreneurs” 6!
  7. 7. Why a new path? Workers want freedom Corporate office/ regular hours 11% Work when/ where you choose 89% What’s Your Preference? Q.14 For which of the following company types would you prefer to work? 7
  8. 8. Among freelancers who had a job, many quit to pursue independence, especially Millennials Quit to work for myself 50% Lost job 18% Other 32% Why Did You Leave? 57%é 42% 13% 24%é 31% 34% Millennials All others Is There a Gen Difference? Q.6c Did you quit a "regular job" so that you could concentrate on working for yourself, or did you quit or lose your job for some other reason? (Based to those who had a regular job in the past) 8
  9. 9. Among reasons to quit, freedom is top 7% 62% 63% 66% 69% Tax benefits Control over own work Limitless income opportunity Ability to choose type work Freedom Why I Want to Quit Q.8 Reasons why you would you like to quit your "regular job" and work only for yourself? (Based to have a job/want to quit) 9
  10. 10. Careers are less likely to be long-term, and the idea of a 1-employer career isn’t appealing (to any generation) Yes 18% No 82% Is Having 1 Employer For Life Appealing? Q.12 Is the idea of having only one job for life appealing to you, or not? Agree strongly 13% Agree 41% Neutral 33% Disagree 12% Disagree strongly 2% Are Careers Less Likely To Be Based On Long-Term Jobs? Q.28b How much do you agree or disagree with the following statement? Nowadays, careers are less likely to be based on long- term jobs, more likely short-term jobs and independent contracts 10
  11. 11. Freedom and flexibility drive desire to be independent 54% 57% 59% 69% 87% 90% 92% Less stress Better potential earnings Better quality of life More interesting More flexibility - timing More freedom More flexibility - location Agree Applies to Freelance Work vs. Regular Job Q.5 How much do you agree or disagree with each of the following statements about doing contract/freelance work vs. having a "regular job"? 11
  12. 12. Workers want freedom to work wherever — no wonder there’s pushback against bans on WFH 11% 11% 20% 56% Drop-in cowork space Open workspace Private office From home What’s Your Work Location Preference? 9% 8% 65%é 13%é 12%é 51% Drop-in cowork space Open workspace At home Is There a Gen Difference? Millennials All others Q.16 In which ONE of these locations would you MOST prefer to work? 12
  13. 13. We want freedom to work when we want 62% 50%é 70%é 44% Morning Late night What Times of Day Do You " Prefer to Work? Millennials All others Q.13 What time of day do you prefer to work? Agree strongly 18% Agree 40% Neutral 30% Disagree 10% Disagree strongly 1% Agree the Standard Workday is Going Away? Q.28 How much do you agree or disagree with each of the following statements? The standard workday (9 to 5, 8 to 4, etc.) is becoming obsolete 13
  14. 14. We want freedom to travel & flexibility to work as we go Extremely 17% Very 29% Somewhat 34% Not very 14% Not at all 6% How Important is Travel? Q.19 In general, how important to you personally is the opportunity to travel? Work & travel 63% Vacation travel 37% What’s Your Preference? Q.19a Do you want to have a career that enables you to work while you are traveling, or do you want to take time off from work when you are traveling? (Based to those who say travel is important) 14
  15. 15. We want freedom to work on what we want, and 7 in 10 believe that freelance work is more interesting Agree strongly 35% Agree 34% Neutral 25% Disagree 5% Disagree strongly 1% Is Freelance Work More Interesting? Q.28 How much do you agree or disagree with each of the following statements? Freelance work is more interesting than a regular job 15
  16. 16. Who Will Lead the Future of Work? 16!
  17. 17. Few say gender is a factor in career success, but 65% believe certain industries offer women more opportunity Extremely 2% Very 5% Somewhat 17% Not very 25% Not at all 51% How Important is Gender to Career Potential? Q.24a In what industries do women have more opportunities for success? " (Multiple answers accepted) 8% 8% 18% 18% 19% 25% 27% 32% 33% Manufacturing Engineering Technology Law Government Finance Consumer Goods Academia Medicine What Are The Best Industries for Women? Q.23 In general, how important is a person's gender in determining their career potential? 17
  18. 18. Most believe Gen X is best suited to run today’s businesses; but many Gen Y think they’re ready 19% 77% 53% Boomer Gen X Gen Y What Generation Is Best Suited to Run a " 21st-Century Businesses? 66%é 31% Millennials All others Is There a Gen Difference? 66% of Millennials Say They’re Best Q.25 In general, who would you say has the best ideas and clearest vision about how to run a 21st-century business? 18
  19. 19. Looking Ahead 19!
  20. 20. Ge ing an early start: 1/5th of those working online are still enrolled; same % of Millennials have hired freelancers Yes 21% No 79% Are You Currently Attending College? Note: Most currently enrolled are working on grad degrees Yes 21% No 79% Have You Hired Other Freelancers This Year? Q.4 In the past 12 months, have you hired any freelancers to work for you? 20
  21. 21. Other industry statistics & projections •  54% of the nation’s Millennials either want to start a business or already have (Kauffman Foundation) •  By 2015, the world’s mobile worker population will reach 1.3B, representing 37.2% of the total workforce (IDC) •  Online work industry is $1B today, and expected to be $5B within 5 years (Staffing Industry Analysts) 21
  22. 22. Among freelancers at “regular” jobs, 72% want to quit to be entirely independent; 61% likely will within 2 years Yes 72% No 28% Would You Like to Quit to Work for Yourself? 17% 44% 28% 12% Definitely will Probably will Probably not Definitely not How Likely Are You to Quit Within 2 Years? Q.9 How likely is it that you will quit your "regular job” within the next 2 years and concentrate on working for yourself? (Based to those who have a job) Q.7 Would you like to quit your "regular job" and work only for yourself at some point in the future? 22
  23. 23. About oDesk: Witnessing the Future of Work 23!
  24. 24. oDesk: The world’s largest online workplace Removing Industrial-Age barriers in how, where and when work is done Enabling freedom and flexibility for both workers and businesses >600k clients >3.2M freelancers Avg. freelancer on oDesk is a Millennial *** In 2012: " $360M gross services (spend on oDesk) " 35M hours worked & 1.5M jobs posted 24! 24
  25. 25. Hours worked are growing rapidly 0.00 1,000,000.00 2,000,000.00 3,000,000.00 4,000,000.00 5,000,000.00 6,000,000.00 7,000,000.00 8,000,000.00 9,000,000.00 10,000,000.00 2005/Q1 2005/Q2 2005/Q3 2005/Q4 2006/Q1 2006/Q2 2006/Q3 2006/Q4 2007/Q1 2007/Q2 2007/Q3 2007/Q4 2008/Q1 2008/Q2 2008/Q3 2008/Q4 2009/Q1 2009/Q2 2009/Q3 2009/Q4 2010/Q1 2010/Q2 2010/Q3 2010/Q4 2011/Q1 2011/Q2 2011/Q3 2011/Q4 2012/Q1 2012/Q2 2012/Q3 2012/Q4 oDesk Hours 2005 - 2012 2012 Hours 35M hours worked/billed 25! 25
  26. 26. oDesk’s three growth areas United States Australia & Canada UK & Europe Developing Countries Company Size Geography Skills Enterprises Mid-sized companies (100 to 1,000) Small businesses (10 to 100) Entrepreneurs (<10) India Philippines Pakistan United States 26! 26
  27. 27. Hiring is spreading globally U.S. Australia Canada UK UAE 144 other countries In 2007, non-U.S. clients represented just 22% of total dollars spent. In 2012, they represent close to 40%. oDesk Gross Services by country 27! 27
  28. 28. Types of work happening are growing Source: oDesk database Administrative Support Business Services Customer Service Design & Multimedia Networking & Information Systems Sales & Marketing Software Development Unknown Web Development Writing & Translation In 2007, just 4 categories represented 90% of total dollars billed. In 2012, 35 categories represented 90% of dollars billed, with another 41 smaller categories growing quickly. oDesk Gross Services by category 28! 28
  29. 29. About Millennial Branding: Discovering Millennial Workplace Opportunities 29!
  30. 30. About Millennial Branding " Millennial Branding is a Gen Y research and management consulting firm based in Boston, Mass. Millennial Branding helps companies understand the emerging Gen Y employee by providing research, training, and advisory services. As representatives of Gen Y and advisers to management, our goal is to provide research and insights that will make you more profitable, grow your market share, help you understand your Gen Y employees, and turn you into an industry leader. As ambassadors to Gen Y, we want to give our generation a voice, support their careers, and connect them with brands that understand their needs." " About Dan Schawbel " Dan Schawbel is the Managing Partner of Millennial Branding. He is the author of the #1 international bestselling book, Me 2.0: 4 Steps to Building Your Future, and the soon to be released, Promote Yourself: The New Rules For Career Success. Dan was named to the Inc. Magazine 30 Under 30 List in 2010, the Forbes Magazine 30 Under 30 List in 2012, and BusinessWeek cites him as someone entrepreneurs should follow on Twitter." " We’ve worked with many companies including:" " " " Our research has been covered in over 100 media outlets including: 30 30
  31. 31. 31!

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